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Accounting Homework-please answer each part. Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to
Accounting Homework-please answer each part.
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. February 2 Wrote a $350 check to establish a petty cash fund. February 5 Purchased paper for the copier for $16.35 that is inmediately used. February 9 Paid $36.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FoB shipping point. These costs are added to merchandise inventory. February 12 Paid $8.65 postage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $67 for mileage on her car. February 20 Purchased office paper for $67.77 that is immediately used. February 23 Paid a courier $20 to deliser merchandise sold to a customer, terms FoB destination. February 25 Paid $11. 60 shipping charges (transportation-in) on merchandise purchased for resale, terms FoB shipping point. These costs are added to merchandise inventory. February 27 Paid $53 for postage expenses. February 28 The fund had $24,17 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. February 28 The petty cash fund amount is increased by $130 to a totat of $480. Required: 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty cash payments report for February with these categories; delivery expense, mileage expense, postage expense. merchandise inventory (for transportation-in), and office supplies expense. 3. Prepare the journal entries for required 2 to both (a) relmburse and (b) increase the fund amount. Complete this question by entering your answers in the tabs below. Prepare a petty cash payments report for February with these categories: dellvery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Note: Round your answers to 2 decimal places. Complete this question by entering your answers in the tabs below. Prepare the journal entry to establish the petty cash fund. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits before credits Step by Step Solution
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